HOUSTON, Nov. 3, 2021 /PRNewswire/ --
- Total revenues of $301.6 million
in Q2 FY22 compared to $300.6 million
in Q1 FY22
- Net income of $2.8 million, or
$0.10 per diluted share, in Q2 FY22
compared to net loss of $14.2
million, or $0.50 per diluted
share, in Q1 FY22
- EBITDA adjusted to exclude special items and asset dispositions
was $44.5 million in Q2 FY22 compared
to $40.0 million in Q1 FY22
- As of September 30, 2021,
unrestricted cash balance was $237.0
million with total liquidity of $287.6 million
Bristow Group Inc. (NYSE: VTOL) today reported net income
attributable to the Company of $2.8
million, or $0.10 per diluted
share, for its fiscal second quarter ended September 30, 2021
("current quarter") on operating revenues of $290.1 million compared to net loss attributable
to the Company of $14.2 million, or
$0.50 per diluted share, in the
quarter ended June 30, 2021 ("preceding quarter") on operating
revenues of $288.4 million.
Earnings before interest, taxes, depreciation and amortization
("EBITDA") was $45.3 million in the
current quarter compared to $14.8
million in the preceding quarter. EBITDA adjusted to exclude
special items and gains or losses on asset dispositions was
$44.5 million in the current quarter
compared to $40.0 million in the
preceding quarter. The following table provides a bridge between
EBITDA, Adjusted EBITDA and Adjusted EBITDA excluding gains or
losses on asset dispositions. See Reconciliation of Non-GAAP
Metrics for a reconciliation of net income, the most directly
comparable GAAP measure, to EBITDA and Adjusted EBITDA.
|
Three Months
Ended,
|
|
September 30,
2021
|
|
June
30, 2021
|
EBITDA
|
$
|
45,264
|
|
|
$
|
14,766
|
|
Special
items:
|
|
|
|
Restructuring
costs
|
$
|
117
|
|
|
$
|
851
|
|
Loss on
impairment
|
2,901
|
|
|
21,934
|
|
PBH intangible
amortization
|
3,060
|
|
|
2,846
|
|
Merger-related
costs
|
647
|
|
|
1,735
|
|
Government
grants
|
(222)
|
|
|
(390)
|
|
Early extinguishment
of debt fees
|
124
|
|
|
—
|
|
Bankruptcy-related
costs
|
103
|
|
|
446
|
|
Insurance-related
proceeds,net
|
899
|
|
|
(3,732)
|
|
Loss on sale of
subsidiaries
|
—
|
|
|
2,002
|
|
Nonrecurring
professional services fees
|
817
|
|
|
—
|
|
Bankruptcy-related
settlement
|
(9,000)
|
|
|
—
|
|
|
$
|
(554)
|
|
|
$
|
25,692
|
|
Adjusted
EBITDA
|
$
|
44,710
|
|
|
$
|
40,458
|
|
Gains on asset
dispositions, net
|
(162)
|
|
|
(499)
|
|
Adjusted EBITDA
excluding asset dispositions
|
$
|
44,548
|
|
|
$
|
39,959
|
|
"Bristow's current quarter financial results were adversely
impacted by Hurricane Ida in the U.S. Gulf of Mexico, pandemic-related travel
restrictions on our commercial airline business in Australia, labor union settlement costs in
Norway, and expenses related to
our pursuit of the UK SAR 2G contract," said Chris Bradshaw, President and Chief Executive
Officer of Bristow. "Excluding these transitory events, Adjusted
EBITDA would have been approximately $3
million higher, or roughly $48
million, in the quarter ended September 30, 2021."
Sequential Quarter Results
Operating revenues in the current quarter were $1.8 million higher compared to the preceding
quarter.
Operating revenues from oil and gas services were $3.9 million higher primarily due to higher
utilization in the Americas and Africa regions, partially offset by the end of
customer contracts in the Europe
region. Operating revenues from government services were
$0.7 million lower primarily due to
the weakening of the British pound sterling relative to the U.S.
dollar, partially offset by higher flight hours. Operating revenues
from fixed wing services were $1.1
million lower primarily due to the weakening of the
Australian dollar relative to the U.S. dollar. Other revenues were
$0.4 million lower in the current
quarter.
Operating expenses were $4.3
million higher in the current quarter primarily due to
higher personnel costs, the recognition of insurance deductibles
following the impact of Hurricane Ida, and higher maintenance and
fuel costs, partially offset by lower other operating costs.
General and administrative expenses were $1.5 million higher in the current quarter
primarily due to increased insurance costs and higher professional
services fees.
Merger-related costs, which primarily consist of professional
services fees and severance costs, were $0.6
million in the current quarter compared to $1.7 million in the preceding quarter.
Restructuring costs were $0.1
million in the current quarter compared to $0.9 million in the preceding quarter.
Depreciation and amortization expenses were $5.6 million lower in the current quarter
primarily due to the addition of existing assets to the
depreciation and amortization calculation during the preceding
quarter.
During the current quarter, the Company recognized a loss of
$2.9 million related to the
impairment of H225 helicopter parts inventory. During the preceding
quarter, the Company recognized a loss on impairment of
$21.9 million, consisting of
$16.0 million related to Petroleum
Air Services, an unconsolidated affiliate in Egypt, and $5.9
million in connection with certain helicopters held for sale
to reflect the helicopters at expected sales values.
During the current quarter, the Company sold four S-76C++ medium
helicopters and two AW109 light-twin helicopters, resulting in a
net gain of $0.2 million. During the
preceding quarter, the Company sold two S-76D medium helicopters,
one B212 medium helicopter and other equipment, resulting in a net
gain of $0.5 million.
During the current quarter, the Company recognized earnings of
$1.0 million from unconsolidated
affiliates compared to losses of $1.5
million in the preceding quarter.
During the preceding quarter, the Company recognized a
$2.0 million loss on the sale of its
subsidiary in Colombia.
Other income, net of $15.3 million
in the current quarter was primarily due to a bankruptcy-related
legal settlement of $9.0 million,
government grants to fixed wing services of $2.7 million, net foreign exchange gains of
$2.2 million, insurance proceeds of
$0.6 million, and a favorable
interest adjustment to the Company's pension liability of
$0.6 million. Other income, net of
$6.2 million in the preceding quarter
primarily related to insurance proceeds of $3.7 million, government grants to fixed wing
services of $2.7 million and a
favorable interest adjustment to the Company's pension liability of
$0.7 million, partially offset by a
contingency reserve of $0.6 million
and net foreign exchange losses of $0.4
million.
Income tax expense was $14.5
million in the current quarter compared to an income tax
benefit of $4.8 million in the
preceding quarter. The income tax expense in the current quarter
was primarily due to changes in the blend of earnings, the tax
impact of valuation allowances on the Company's net operating
losses, deductible interest expense and the tax impact of the
bankruptcy-related legal settlement.
Liquidity and Capital Allocation
As of September 30, 2021, the Company had $237.0 million of unrestricted cash and
$50.6 million of remaining
availability under its amended asset-based revolving credit
facility (the "ABL Facility") for total liquidity of $287.6 million. Borrowings under the amended ABL
Facility are subject to certain conditions and requirements.
In the current quarter, purchases of property and equipment were
$14.3 million, and cash proceeds from
dispositions of property and equipment were $3.2 million, resulting in net (proceeds from) /
purchases of property and equipment ("Net Capex") of $11.2 million. In the preceding quarter, cash
proceeds from dispositions of property and equipment were
$10.6 million, and purchases of
property and equipment were $3.0
million, resulting in Net Capex of $(7.7) million. See Adjusted Free Cash Flow
Reconciliation for a reconciliation of Net Capex and Adjusted Free
Cash Flow.
In the current quarter, the Company repurchased 547,596 shares
for gross consideration of $14.9
million, representing an average repurchase price of
$27.24 per share.
Conference Call
Management will conduct a conference call starting at
10:00 a.m. ET (9:00 a.m. CT) on Thursday, November 4, 2021,
to review the results for the fiscal second quarter ended
September 30, 2021. The conference call can be accessed as
follows:
All callers will need to reference the access code 4900724.
Within the U.S.: Operator Assisted Toll-Free
Dial-In Number: (866) 575-6539
Outside the U.S.: Operator Assisted International
Dial-In Number: (856) 344-9299
Replay
A telephone replay will be available through November 17, 2021 by dialing 888-203-1112 and
utilizing the access code above. An audio replay will also be
available on the Company's website at
www.bristowgroup.com shortly after the call and will be
accessible through November 17, 2021.
The accompanying investor presentation will be available on
November 4, 2021 on Bristow's website at
www.bristowgroup.com.
About Bristow Group
Bristow Group Inc. is the leading global provider of innovative
and sustainable vertical flight solutions. Bristow primarily
provides aviation services to a broad base of major integrated,
national and independent offshore energy companies. Bristow
provides commercial search and rescue ("SAR") services in several
countries and public sector SAR services in the United Kingdom ("U.K.") on behalf of the
Maritime & Coastguard Agency ("MCA"). Additionally, the Company
offers ad hoc helicopter and fixed wing transportation
services.
Bristow currently has customers in Australia, Brazil, Canada, Chile, Colombia, Guyana, India, Mexico, Nigeria, Norway, Spain, Suriname, Trinidad, the U.K. and the U.S.
Forward-Looking Statements Disclosure
This press release contains "forward-looking statements."
Forward-looking statements represent Bristow Group Inc.'s (the
"Company") current expectations or forecasts of future events.
Forward-looking statements generally can be identified by the use
of forward-looking terminology such as "may," "will," "expect,"
"intend," "estimate," "anticipate," "believe," "project," or
"continue," or other similar words. These statements are made under
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995, reflect management's current views with respect
to future events and therefore are subject to significant risks and
uncertainties, both known and unknown. The Company's actual results
may vary materially from those anticipated in forward-looking
statements. The Company cautions investors not to place undue
reliance on any forward-looking statements.
Forward-looking statements speak only as of the date of the
document in which they are made. The Company disclaims any
obligation or undertaking to provide any updates or revisions to
any forward-looking statement to reflect any change in the
Company's expectations or any change in events, conditions or
circumstances on which the forward-looking statement is based that
occur after the date hereof. Risks that may affect forward-looking
statements include, but are not necessarily limited to, those
relating to: public health crises, such as pandemics (COVID-19) and
epidemics, and any related government policies and actions;
expected cost synergies and other financial or other benefits of
the merger ("Merger") might not be realized within the expected
time frames, might be less than projected or may not be realized at
all; the ability to successfully integrate the operations,
accounting and administrative functions of Era Group Inc. ("Era")
and the entity formerly known as Bristow Group Inc. ("Old
Bristow"); managing a significantly larger company than before the
completion of the Merger; diversion of management time on issues
related to integration of the Company; the increase in indebtedness
as a result of the Merger; operating costs, customer loss and
business disruption following the Merger, including, without
limitation, difficulties in maintaining relationships with
employees and customers, may be greater than expected; our reliance
on a limited number of customers and the reduction of our customer
base as a result of bankruptcies or consolidation; the possibility
that we may be unable to maintain compliance with covenants in our
financing agreements; global and regional changes in the demand,
supply, prices or other market conditions affecting oil and gas,
including changes resulting from a public health crisis or from the
imposition or lifting of crude oil production quotas or other
actions that might be imposed by the Organization of Petroleum
Exporting Countries (OPEC) and other producing countries;
fluctuations in the demand for our services; the possibility that
we may impair our long-lived assets and other assets, including
inventory, property and equipment and investments in unconsolidated
affiliates; our ability to implement operational improvement
efficiencies with the objective of rightsizing our global footprint
and further reducing our cost structure; the possibility of
significant changes in foreign exchange rates and controls,
including as a result of the U.K. having exited from the European
Union ("E.U.") ("Brexit"); the impact of continued uncertainty
surrounding the effects Brexit will have on the British, EU and
global economies and demand for oil and natural gas; potential
effects of increased competition and the introduction of energy
efficient alternative modes of transportation and solutions; the
risk of future material weaknesses we may identify while we work to
align policies, principles, and practices of the combined company
following the Merger or any other failure by us to maintain
effective internal controls; the possibility that we may be unable
to re-deploy our aircraft to regions with greater demand; the
possibility of changes in tax and other laws and regulations and
policies, including, without limitation, actions of the Biden
Administration that impact oil and gas operations or favor
renewable energy projects in the U.S.; the possibility that we may
be unable to dispose of older aircraft through sales into the
aftermarket; general economic conditions, including the capital and
credit markets; the possibility that segments of our fleet may be
grounded for extended periods of time or indefinitely; the
existence of operating risks inherent in our business, including
the possibility of declining safety performance; the possibility of
political instability, war or acts of terrorism in any of the
countries where we operate; the possibility that reductions in
spending on aviation services by governmental agencies could lead
to modifications of our search and rescue ("SAR") contract terms
with the UK government, our contracts with the Bureau of Safety and
Environmental Enforcement ("BSEE") or delays in receiving payments
under such contracts; and our reliance on a limited number of
helicopter manufacturers and suppliers capabilities.. You should
not place undue reliance on our forward-looking statements because
the matters they describe are subject to known and unknown risks,
uncertainties and other unpredictable factors, many of which are
beyond our control. Our forward-looking statements are based on the
information currently available to us and speak only as of the date
hereof. New risks and uncertainties arise from time to time, and it
is impossible for us to predict these matters or how they may
affect us. We have included important factors in the section
entitled "Risk Factors" in the Company's Annual Report on Form 10-K
for the fiscal year ended March 31,
2021 (the "Annual Report") which we believe over time, could
cause our actual results, performance or achievements to differ
from the anticipated results, performance or achievements that are
expressed or implied by our forward-looking statements. You should
consider all risks and uncertainties disclosed in the Annual Report
and in our filings with the United States Securities and Exchange
Commission (the "SEC"), all of which are accessible on the SEC's
website at www.sec.gov.
BRISTOW GROUP
INC
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in
thousands, except share and per share amounts)
|
|
|
Three Months
Ended
|
|
Favorable/
(Unfavorable)
|
|
September 30,
2021
|
|
June
30, 2021
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
Operating
revenues
|
$
|
290,120
|
|
|
$
|
288,351
|
|
|
$
|
1,769
|
|
Reimbursable
revenues
|
11,464
|
|
|
12,251
|
|
|
(787)
|
|
Total
revenues
|
301,584
|
|
|
300,602
|
|
|
982
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
Operating
expenses
|
218,768
|
|
|
214,503
|
|
|
(4,265)
|
|
Reimbursable
expenses
|
11,188
|
|
|
12,114
|
|
|
926
|
|
General and
administrative expenses
|
38,970
|
|
|
37,483
|
|
|
(1,487)
|
|
Merger-related
costs
|
647
|
|
|
1,735
|
|
|
1,088
|
|
Restructuring
costs
|
117
|
|
|
851
|
|
|
734
|
|
Depreciation and
amortization
|
17,644
|
|
|
23,195
|
|
|
5,551
|
|
Total costs and
expenses
|
287,334
|
|
|
289,881
|
|
|
2,547
|
|
|
|
|
|
|
|
Loss on
impairment
|
(2,901)
|
|
|
(21,934)
|
|
|
19,033
|
|
Gain on disposal of
assets
|
162
|
|
|
499
|
|
|
(337)
|
|
Earnings (loss) from
unconsolidated affiliates, net
|
964
|
|
|
(1,517)
|
|
|
2,481
|
|
Operating income
(loss)
|
12,475
|
|
|
(12,231)
|
|
|
24,706
|
|
|
|
|
|
|
|
Interest
income
|
42
|
|
|
66
|
|
|
(24)
|
|
Interest
expense
|
(10,426)
|
|
|
(10,624)
|
|
|
198
|
|
Loss on extinguishment
of debt
|
(124)
|
|
|
—
|
|
|
(124)
|
|
Reorganization items,
net
|
(103)
|
|
|
(446)
|
|
|
343
|
|
Loss on sale of
subsidiaries
|
—
|
|
|
(2,002)
|
|
|
2,002
|
|
Other, net
|
15,330
|
|
|
6,184
|
|
|
9,146
|
|
Total other income
(expense), net
|
4,719
|
|
|
(6,822)
|
|
|
11,541
|
|
Income (loss) before
benefit (expense) for income taxes
|
17,194
|
|
|
(19,053)
|
|
|
36,247
|
|
Benefit (expense) for
income taxes
|
(14,484)
|
|
|
4,842
|
|
|
(19,326)
|
|
Net income
(loss)
|
2,710
|
|
|
(14,211)
|
|
|
16,921
|
|
Net loss attributable
to noncontrolling interests
|
65
|
|
|
14
|
|
|
51
|
|
Net income (loss)
attributable to Bristow Group Inc
|
$
|
2,775
|
|
|
$
|
(14,197)
|
|
|
$
|
16,972
|
|
|
|
|
|
|
|
Basic income (loss)
per common share
|
$
|
0.10
|
|
|
$
|
(0.50)
|
|
|
|
Diluted income (loss)
per common share
|
$
|
0.10
|
|
|
$
|
(0.50)
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding, basic
|
28,233,527
|
|
|
28,669,417
|
|
|
|
Weighted average
common shares outstanding, diluted
|
28,684,660
|
|
|
28,669,417
|
|
|
|
|
|
|
|
|
|
EBITDA
|
$
|
45,264
|
|
|
$
|
14,766
|
|
|
$
|
30,498
|
|
Adjusted
EBITDA
|
$
|
44,710
|
|
|
$
|
40,458
|
|
|
$
|
4,252
|
|
Adjusted EBITDA
excluding asset dispositions
|
$
|
44,548
|
|
|
$
|
39,959
|
|
|
$
|
4,589
|
|
Bristow Group Inc. Lines of Service
Beginning in fiscal year 2022, the revenues by line of service
tables have been modified to more accurately reflect how management
views the Company's lines of service. These changes include the
addition of a Government services line of service which includes
revenues from U.K. SAR, the U.S. Bureau of Safety and Environmental
Enforcement ("BSEE"), and other government contracts. In addition,
our Other activities and services ("other" services) will now
reflect revenues derived from leasing aircraft to non-governmental
third party operators, oil and gas contracts that do not materially
fit into one of the three major oil and gas operating regions and
other services as they arise. As such, operating revenues from
Asia Pacific oil and gas services
are now shown under other services following the exit of that line
of service in the Asia Pacific
region. Prior period amounts will not match the previously reported
amounts by individual lines of service. Management believes this
change provides more relevant information needed to understand and
analyze the Company's current lines of service.
BRISTOW GROUP
INC
REVENUES BY LINE
OF SERVICE
(unaudited, in
thousands)
|
|
|
|
|
|
Three Months
Ended
|
|
September 30,
2021
|
|
June
30, 2021
|
Oil and gas
services:
|
|
|
|
Europe
|
$
|
93,420
|
|
|
$
|
99,901
|
|
Americas
|
84,207
|
|
|
75,192
|
|
Africa
|
16,054
|
|
|
14,692
|
|
Total oil and gas
services
|
193,681
|
|
|
189,785
|
|
Government
services
|
69,742
|
|
|
70,443
|
|
Fixed wing
services
|
23,501
|
|
|
24,556
|
|
Other
services
|
3,196
|
|
|
3,567
|
|
|
$
|
290,120
|
|
|
$
|
288,351
|
|
FLIGHT HOURS BY
LINE OF SERVICE
(unaudited)
|
|
|
|
|
|
Three Months
Ended
|
|
September 30,
2021
|
|
June
30, 2021
|
Oil and gas
services:
|
|
|
|
Europe
|
11,189
|
|
|
11,833
|
|
Americas
|
10,376
|
|
|
8,777
|
|
Africa
|
2,258
|
|
|
2,078
|
|
Total oil and gas
services
|
23,823
|
|
|
22,688
|
|
Government
services
|
4,212
|
|
|
3,925
|
|
Fixed wing
services
|
3,687
|
|
|
3,721
|
|
Other
services
|
—
|
|
|
9
|
|
|
31,722
|
|
|
30,343
|
|
BRISTOW GROUP
INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(in
thousands)
|
|
September 30,
2021
|
|
March 31,
2021
|
ASSETS
|
(unaudited)
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
239,481
|
|
|
$
|
231,079
|
|
Accounts
receivable
|
196,292
|
|
|
215,620
|
|
Inventories
|
87,855
|
|
|
92,180
|
|
Assets held for
sale
|
5,432
|
|
|
14,750
|
|
Prepaid expenses and
other current assets
|
30,419
|
|
|
32,119
|
|
Total current
assets
|
559,479
|
|
|
585,748
|
|
Property and
equipment
|
1,082,076
|
|
|
1,090,094
|
|
Accumulated
depreciation
|
(120,474)
|
|
|
(85,535)
|
|
Net property and
equipment
|
961,602
|
|
|
1,004,559
|
|
Investment in
unconsolidated affiliates
|
20,146
|
|
|
37,530
|
|
Right-of-use
assets
|
211,878
|
|
|
246,667
|
|
Other
assets
|
108,131
|
|
|
117,766
|
|
Total
assets
|
$
|
1,861,236
|
|
|
$
|
1,992,270
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
|
60,081
|
|
|
$
|
69,542
|
|
Accrued
liabilities
|
205,862
|
|
|
219,613
|
|
Short-term borrowings
and current maturities of long-term debt
|
13,180
|
|
|
15,965
|
|
Total current
liabilities
|
279,123
|
|
|
305,120
|
|
Long-term debt, less
current maturities
|
518,635
|
|
|
527,528
|
|
Deferred
taxes
|
44,413
|
|
|
42,430
|
|
Long-term operating
lease liabilities
|
139,744
|
|
|
167,718
|
|
Deferred credits and
other liabilities
|
40,322
|
|
|
50,831
|
|
Total
liabilities
|
1,022,237
|
|
|
1,093,627
|
|
|
|
|
|
Redeemable
noncontrolling interests
|
—
|
|
|
1,572
|
|
Stockholders'
investment
|
|
|
|
Common
stock
|
303
|
|
|
303
|
|
Additional paid-in
capital
|
692,702
|
|
|
687,715
|
|
Retained
earnings
|
215,589
|
|
|
227,011
|
|
Treasury shares, at
cost
|
(51,083)
|
|
|
(10,501)
|
|
Accumulated other
comprehensive loss
|
(17,901)
|
|
|
(6,915)
|
|
Total Bristow Group
Inc. stockholders' investment
|
839,610
|
|
|
897,613
|
|
Noncontrolling
interests
|
(611)
|
|
|
(542)
|
|
Total stockholders'
investment
|
838,999
|
|
|
897,071
|
|
Total liabilities,
and stockholders' equity
|
$
|
1,861,236
|
|
|
$
|
1,992,270
|
|
Reconciliation of Non-GAAP Metrics
The Company's management uses EBITDA and Adjusted EBITDA to
assess the performance and operating results of its business.
EBITDA is defined as Earnings before Interest expense, Taxes,
Depreciation and Amortization. Adjusted EBITDA is defined as EBITDA
further adjusted for certain special items that occurred during the
reported period, as noted below. The Company includes EBITDA and
Adjusted EBITDA to provide investors with a supplemental measure of
its operating performance. Neither EBITDA nor Adjusted EBITDA is a
recognized term under generally accepted accounting principles in
the U.S. ("GAAP"). Accordingly, they should not be used as an
indicator of, or an alternative to, net income as a measure of
operating performance. In addition, EBITDA and Adjusted EBITDA are
not intended to be measures of free cash flow available for
management's discretionary use, as they do not consider certain
cash requirements, such as debt service requirements. Because the
definitions of EBITDA and Adjusted EBITDA (or similar measures) may
vary among companies and industries, they may not be comparable to
other similarly titled measures used by other companies.
The following table provides a reconciliation of net income, the
most directly comparable GAAP measure, to EBITDA and Adjusted
EBITDA (in thousands).
|
Three Months
Ended
|
|
September 30,
2021
|
|
June
30,
2021
|
Net income
(loss)
|
2,710
|
|
|
(14,211)
|
|
Depreciation and
amortization
|
17,644
|
|
|
23,195
|
|
Interest
expense
|
10,426
|
|
|
10,624
|
|
Income tax (benefit)
expense
|
14,484
|
|
|
(4,842)
|
|
EBITDA
|
$
|
45,264
|
|
|
$
|
14,766
|
|
Special items
(1)
|
(554)
|
|
|
25,692
|
|
Adjusted
EBITDA
|
$
|
44,710
|
|
|
$
|
40,458
|
|
Gains on asset
dispositions, net
|
(162)
|
|
|
(499)
|
|
Adjusted EBITDA
excluding asset dispositions
|
$
|
44,548
|
|
|
$
|
39,959
|
|
|
(1)
Special items include the following:
|
|
Three Months
Ended
|
|
September 30,
2021
|
|
June
30,
2021
|
Restructuring
costs
|
$
|
117
|
|
|
$
|
851
|
|
Loss on
impairment
|
2,901
|
|
|
21,934
|
|
PBH intangible
amortization
|
3,060
|
|
|
2,846
|
|
Merger-related
costs
|
647
|
|
|
1,735
|
|
Government
grants(2)
|
(222)
|
|
|
(390)
|
|
Early extinguishment
of debt fees
|
124
|
|
|
—
|
|
Bankruptcy-related
costs
|
103
|
|
|
446
|
|
Insurance-related
proceeds,net
|
899
|
|
|
(3,732)
|
|
Loss on sale of
subsidiaries
|
—
|
|
|
2,002
|
|
Nonrecurring
professional services fees
|
817
|
|
|
—
|
|
Bankruptcy-related
settlement
|
(9,000)
|
|
|
—
|
|
|
$
|
(554)
|
|
|
$
|
25,692
|
|
___________________________
|
(2) COVID-19 related government
relief grants
|
Adjusted Free Cash Flow Reconciliation
Free Cash Flow represents the Company's net cash provided by
operating activities plus proceeds from disposition of property and
equipment, less expenditures related to purchases of property and
equipment. Adjusted Free Cash Flow is Free Cash Flow adjusted to
exclude professional services fees and other costs paid in relation
to the Merger, reorganization fresh-start accounting, the Chapter
11 Cases and government grants related to the Company's fixed wing
services. Management believes that the use of Adjusted Free
Cash Flow is meaningful as it measures the Company's ability to
generate cash from its business after excluding cash payments for
special items. Management uses this information as an analytical
indicator to assess the Company's liquidity and performance.
However, investors should note numerous methods may exist for
calculating a company's free cash flow. As a result, the method
used by management to calculate Adjusted Free Cash Flow may differ
from the methods used by other companies to calculate their free
cash flow.
The following table provides a reconciliation of net cash
provided by operating activities, the most directly comparable GAAP
measure, to Free Cash Flow and Adjusted Free Cash Flow (in
thousands).
|
Three Months
Ended
|
|
September 30,
2021
|
|
June
30,
2021
|
Net cash provided by
operating activities
|
$
|
36,753
|
|
|
$
|
36,441
|
|
Plus: Proceeds from
disposition of property and equipment
|
3,188
|
|
|
10,621
|
|
Less: Purchases of
property and equipment
|
(14,338)
|
|
|
(2,968)
|
|
Free Cash
Flow
|
$
|
25,603
|
|
|
$
|
44,094
|
|
Plus: Restructuring
costs
|
178
|
|
|
706
|
|
Plus: Merger-related
costs
|
2,212
|
|
|
1,853
|
|
Plus:
Bankruptcy-related costs
|
244
|
|
|
—
|
|
Less:
Bankruptcy-related settlement
|
(9,000)
|
|
|
—
|
|
Less: Government
grants
|
(161)
|
|
|
(343)
|
|
Adjusted Free Cash
Flow
|
$
|
19,076
|
|
|
$
|
46,310
|
|
Net (proceeds
from)/purchases of property and equipment ("Net Capex")
|
11,150
|
|
|
(7,653)
|
|
Adjusted Free Cash
Flow excluding Net Capex
|
$
|
30,226
|
|
|
$
|
38,657
|
|
BRISTOW GROUP
INC
FLEET
COUNT
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Aircraft
|
|
|
|
|
Type
|
|
Owned Aircraft
|
|
Leased Aircraft
|
|
Aircraft Held For
Sale
|
|
Consolidated
Aircraft
|
|
Max
Pass. Capacity
|
|
Average
Age
(years)(1)
|
Heavy
Helicopters:
|
|
|
|
|
|
|
|
|
|
|
|
|
S-92
|
|
36
|
|
23
|
|
—
|
|
59
|
|
19
|
|
12
|
S-92 U.K.
SAR
|
|
3
|
|
7
|
|
—
|
|
10
|
|
19
|
|
7
|
H225
|
|
—
|
|
—
|
|
2
|
|
2
|
|
19
|
|
11
|
AW189
|
|
6
|
|
1
|
|
—
|
|
7
|
|
16
|
|
6
|
AW189 U.K.
SAR
|
|
11
|
|
—
|
|
—
|
|
11
|
|
16
|
|
5
|
|
|
56
|
|
31
|
|
2
|
|
89
|
|
|
|
|
|
Medium
Helicopters:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AW139
|
|
52
|
|
6
|
|
—
|
|
58
|
|
12
|
|
10
|
S-76
C+/C++
|
|
17
|
|
—
|
|
—
|
|
17
|
|
12
|
|
14
|
S-76D
|
|
8
|
|
—
|
|
—
|
|
8
|
|
12
|
|
7
|
B212
|
|
2
|
|
—
|
|
—
|
|
2
|
|
12
|
|
40
|
|
|
79
|
|
6
|
|
—
|
|
85
|
|
|
|
|
Light—Twin Engine
Helicopters:
|
|
|
|
|
|
|
|
|
|
|
|
|
AW109
|
|
4
|
|
—
|
|
—
|
|
4
|
|
7
|
|
14
|
EC135
|
|
10
|
|
—
|
|
—
|
|
10
|
|
6
|
|
13
|
|
|
14
|
|
—
|
|
—
|
|
14
|
|
|
|
|
Light—Single
Engine Helicopters:
|
|
|
|
|
|
|
|
|
|
|
|
|
AS350
|
|
17
|
|
—
|
|
—
|
|
17
|
|
4
|
|
24
|
AW119
|
|
13
|
|
—
|
|
—
|
|
13
|
|
7
|
|
15
|
|
|
30
|
|
—
|
|
—
|
|
30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Helicopters
|
|
179
|
|
37
|
|
2
|
|
218
|
|
|
|
13
|
Fixed wing
|
|
7
|
|
7
|
|
—
|
|
14
|
|
|
|
|
UAV
|
|
—
|
|
2
|
|
—
|
|
2
|
|
|
|
|
Total
Fleet
|
|
186
|
|
46
|
|
2
|
|
234
|
|
|
|
|
______________________
|
(1)
Reflects the average age of helicopters that are owned.
|
The chart below presents the number of aircraft in our fleet and
their distribution among the regions in which we operate as of
September 30, 2021 and the percentage of operating revenue
that each of our regions provided during the current quarter.
|
|
Percentage
of
Current
Quarter
Operating
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UAV
|
|
Fixed
Wing
|
|
|
|
|
Heavy
|
|
Medium
|
|
Light
Twin
|
|
Light
Single
|
Total
|
Europe
|
|
55
|
%
|
|
61
|
|
12
|
|
—
|
|
4
|
|
2
|
|
—
|
|
79
|
Americas
|
|
32
|
%
|
|
22
|
|
57
|
|
14
|
|
26
|
|
—
|
|
—
|
|
119
|
Asia
Pacific
|
|
7
|
%
|
|
—
|
|
2
|
|
—
|
|
—
|
|
—
|
|
11
|
|
13
|
Africa
|
|
6
|
%
|
|
6
|
|
14
|
|
—
|
|
—
|
|
—
|
|
3
|
|
23
|
Total
|
|
100
|
%
|
|
89
|
|
85
|
|
14
|
|
30
|
|
2
|
|
14
|
|
234
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/bristow-group-reports-second-quarter-fiscal-year-2022-results-301415776.html
SOURCE Bristow Group